Insider Selling: Rigetti Computing (NASDAQ:RGTI) CFO Sells $74,810.40 in Stock

Rigetti Computing, Inc. (NASDAQ:RGTI) CFO Jeffrey Bertelsen sold 4,270 shares of the firm’s stock in a transaction on Tuesday, March 10th. The stock was sold at an average price of $17.52, for a total transaction of $74,810.40. Following the completion of the transaction, the chief financial officer directly owned 175,609 shares of the company’s stock, valued at approximately $3,076,669.68. This represents a 2.37% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link.

Rigetti Computing Price Performance

Shares of RGTI opened at $16.17 on Friday. The company’s fifty day moving average price is $19.66 and its 200-day moving average price is $25.82. Rigetti Computing, Inc. has a 1-year low of $6.86 and a 1-year high of $58.15. The firm has a market capitalization of $5.34 billion, a PE ratio of -23.78 and a beta of 1.71.

Rigetti Computing (NASDAQ:RGTI) last issued its earnings results on Wednesday, March 4th. The company reported ($0.03) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.05) by $0.02. Rigetti Computing had a negative return on equity of 14.91% and a negative net margin of 3,111.92%.The company had revenue of $1.87 million during the quarter, compared to analyst estimates of $2.33 million. The business’s revenue for the quarter was down 17.9% compared to the same quarter last year. As a group, research analysts anticipate that Rigetti Computing, Inc. will post -0.34 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of RGTI. Vanguard Group Inc. grew its stake in shares of Rigetti Computing by 40.4% during the 3rd quarter. Vanguard Group Inc. now owns 32,046,477 shares of the company’s stock worth $954,665,000 after purchasing an additional 9,228,888 shares during the period. Marex Group plc purchased a new position in shares of Rigetti Computing during the 2nd quarter valued at approximately $87,414,000. Victory Capital Management Inc. lifted its stake in shares of Rigetti Computing by 1,632.5% in the 4th quarter. Victory Capital Management Inc. now owns 2,571,289 shares of the company’s stock valued at $56,954,000 after purchasing an additional 2,422,873 shares during the period. Ameriprise Financial Inc. acquired a new position in shares of Rigetti Computing in the 2nd quarter valued at $21,887,000. Finally, Norges Bank purchased a new stake in Rigetti Computing during the fourth quarter worth $38,889,000. 35.38% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on RGTI shares. Royal Bank Of Canada downgraded Rigetti Computing to a “hold” rating in a report on Thursday, January 22nd. Mizuho cut their price target on shares of Rigetti Computing from $50.00 to $43.00 and set an “outperform” rating on the stock in a report on Thursday, March 5th. Wedbush raised their price target on shares of Rigetti Computing from $35.00 to $40.00 and gave the stock an “outperform” rating in a research report on Wednesday, January 21st. B. Riley Financial upgraded shares of Rigetti Computing from a “neutral” rating to a “buy” rating and set a $35.00 price objective for the company in a research note on Thursday, January 22nd. Finally, Rosenblatt Securities reaffirmed a “buy” rating and issued a $40.00 price objective on shares of Rigetti Computing in a report on Thursday, March 5th. Eight research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $32.70.

Rigetti Computing Company Profile

Rigetti Computing is a pioneering quantum computing company that designs and manufactures superconducting quantum processors alongside a complementary software stack. Founded in 2013 by CEO Chad Rigetti, the company has developed end-to-end quantum systems—from cryogenic hardware to control electronics—to advance the performance and scalability of quantum machines.

At the core of Rigetti’s offering is its Quantum Cloud Services (QCS) platform, which enables developers and enterprises to access quantum processing units (QPUs) and hybrid quantum-classical workflows via the cloud.